ALX Oncology Announces Pricing of Public Offering

SOUTH SAN FRANCISCO, Calif., Oct. 05, 2023 (GLOBE NEWSWIRE) -- ALX Oncology Holdings Inc., (“ALX Oncology” or the “Company”) (Nasdaq: ALXO), an immuno-oncology company developing therapies that block the CD47 immune checkpoint pathway, today announced the pricing of its previously announced underwritten public offering of common stock and pre-funded warrants. ALX Oncology is selling 7,370,690 shares of common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase 1,250,000 shares of common stock in the offering. The shares of common stock are being sold at a public offering price of $6.38 per share, the closing price on October 4, 2023, and the pre-funded warrants are being sold at a public offering price of $6.379 per pre-funded warrant, which represents the per share public offering price for each common share less the $0.001 per share exercise price for each pre-funded warrant. The gross proceeds to ALX Oncology from this offering are expected to be approximately $55.0 million, before deducting the underwriting discounts and commissions and other estimated offering expenses, and excluding the exercise of any pre-funded warrants. All shares of common stock and pre-funded warrants to be sold in the offering are being offered by the Company. In addition, ALX Oncology has granted the underwriters a 30-day option to purchase up to an additional 1,293,103 shares of its common stock at the public offering price per share less underwriting discounts and commissions. The offering is expected to close on or about October 10, 2023, subject to the satisfaction of customary closing conditions.

ALX Oncology anticipates using the net proceeds from the offering to fund the continued clinical development of evorpacept and the related clinical trials, including ASPEN-06 clinical trial, and for working capital and other general corporate purposes.

Piper Sandler and Cantor are acting as joint lead book-running managers for the offering. UBS Investment Bank is also acting as a book-running manager for the offering. LifeSci Capital and H.C. Wainwright & Co. are acting as lead managers for the offering.

The securities described above are being offered by ALX Oncology pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (the "SEC"). A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. A final prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, from: Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone at [phone], or by email at [e-mail]; or Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, New York 10022, or by email at [e-mail] or UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at [phone] or by email at [e-mail].